R-12-10-25-H2 - 10/25/2012 r
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RESOLUTION NO. R-12-10-25-112
WHEREAS, the City of Round Rock ("City") has established an Economic Development
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Program to encourage SPG Round Rock NS, L.P. ("Simon") to develop approximately 5.08 acres of
land near the intersection of IH-35 and Terra Vista Boulevard ("Property"), and
WHEREAS, to further promote economic development, the City wishes to enter into an
Economic Development Agreement ("Agreement") with Simon regarding Simon's development of this
Property, Now Therefore
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BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the Mayor is hereby authorized and directed to execute on behalf of the City, an Economic
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Development Agreement with SPG Round Rock NS, L.P., a copy of same being attached hereto as
Exhibit"A" and incorporated herein for all purposes.
The City Council hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter f
hereof were discussed, considered and formally acted
RESOLVED this 25th day of October, 2012. p
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ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
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SARA L. WHITE, City Clerk
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EXHIBIT
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ECONOMIC DEVELOPMENT AGREEMENT
This Economic Development Agreement ("Agreement") is entered into this day of
2012, by and between the CITY OF ROUND ROCK, TEXAS, a Texas
home rule municipal corporation ("City"), and SPG ROUND ROCK NS, L.P., their successors
and assigns ("Simon").
WHEREAS, the City has adopted Resolution No. attached as Exhibit "A" ("City
Resolution"), establishing an economic development program which will result in positive
economic benefits to the City through Simon's construction of a retail/commercial building
having at least 15,536 square feet ("Building"); and
WHEREAS, the purpose of this Agreement is to promote economic development as
contemplated by Chapter 380 of the Texas Local Government Code whereby Simon will relocate
and reinstall an electric transformer located near the intersection of IH-35 and Terra Vista F
Boulevard (the "Project"), and;
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WHEREAS, the City has agreed to provide performance- based economic development grants to
Simon to defray a portion of the Project costs.
NOW, THEREFORE, in consideration of the mutual benefits and promises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
City and Simon agree as follows:
1. Authority. The City's execution of this Agreement is authorized by Chapter 380 of the
Texas Local Government Code and the City Resolution, and constitutes a valid and binding
obligation of the City in the event Simon proceeds with the construction of the Building. The
City acknowledges that Simon is acting in reliance upon the City's performance of its obligations
under this Agreement in making its decision to commit substantial resources and money to '
construct the Building.
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2. Definitions.
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2.1 "Economic Incentive Payment(s)" ("EIPs") means the amount paid by the City
to Simon under the Program.
2.2 Effective Date" is the date this Agreement is executed to be effective by the City {`
and Simon.
2.3 "Project" is the relocation and reinstallation of an electric transformer near the
intersection of IH-35 and Terra Vista Boulevard.
3. Term. This Agreement shall become enforceable upon its Effective Date. This
Agreement shall terminate upon the earlier to occur o£ (i) three (3) years after the Effective 4
Date; or (ii) Simon's receipt of the total EIPs equal to the actual costs related to the Project. An
equitable adjustment shall be made to the Term if the completed Project is closed for a
significant period of time due to a`force majeure event" as defined herein.
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4. Rights and Obligations of Simon. In consideration of the City's compliance with this
Agreement, Simon agrees as follows:
4.1 Simon Duties. Simon will pay all costs related to the relocation and installation
of an electric transformer located near the intersection of IH-35 and Terra Vista
Boulevard.
4.2 Compliance with Development Regulations and Other Ordinances. Simon shall
comply with the City's development approval processes and shall construct the
Building consistent with City ordinances, City-approved development regulations, x
and other City development requirements.
4.3 Simon Accounting. Simon shall maintain complete books, invoicing and other
records showing all expenses of any nature that City is to or will reimburse or pay
under this Agreement. No reimbursements as described herein will be paid until
such books, invoicing and other records shall be presented the duly authorized
officers or agents of the City during normal business hours. x;
5. Rights and Obligations of the City. In consideration of Simon's compliance with this y
Agreement,the City agrees as follows:
5.1 Reimbursement. Subject to the conditions stated herein, the City shall reimburse
Simon for all actual costs related to the Project, but in no event more than
$195,750 (the "Reimbursement"). The Reimbursement shall be based on actual
invoices presented to the City which are directly related to Project expenditures. f
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5.2 Time of Reimbursement. The City shall, subject to the conditions set out herein,
make one payment to Simon in an amount totaling the Reimbursement amount
within 45 days after Simon or its assigns receives a Certificate of Occupancy for
the Building. t
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6. Miscellaneous.
6.1 Mutual Assistance. The City and Simon will do all things reasonably necessary
or appropriate to carry out the terms and provisions of this Agreement, and to aid s'
and assist each other in carrying out such terms and provisions in order to put
each other in the same economic condition contemplated by this Agreement
regardless of any changes in public policy, the law, or taxes or assessments
attributable to the Property.
6.2 Representations and Warranties. The City represent and warrant to Simon that
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the Program and this Agreement are within its authority, and that it is duly
authorized and empowered to establish the Program and enter into this
Agreement, unless otherwise ordered by a court of competent jurisdiction. Simon
represents and warrants to the City that it has the requisite authority to enter into
this Agreement.
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2.
6.3 Default. If the City or Simon should default in the performance of any
obligations of this Agreement, the other party shall provide such defaulting party
written notice of the default, and a minimum period of thirty (30) days to cure
such default, prior to instituting an action for breach or pursuing any other remedy
for default. If the City remains in default after notice and opportunity to cure,
Simon shall have the right to pursue any remedy at law or in equity for the City's
breach. If Simon remains in default after notice and opportunity to cure, the
City's remedy shall be limited to a termination of this Agreement.
6.4 Attorney's Fees. In the event any legal action orproceeding is commenced
between the City and Simon to enforce provisions of this Agreement and recover
damages for breach, the prevailing party in such legal action shall be entitled to
recover its reasonable attorney's fees and expenses incurred by reason of such
action, to the extent allowed by law. t
6.5 Entire Agreement. This Agreement contains the entire agreement between the
parties. This Agreement may only be amended, altered or revoked by written
instrument signed by the City and Simon.
6.6 BindingEffect.ffect. This Agreement shall be binding on and inure to the benefit of
the parties, their respective successors and assigns.
6.7 Assignment. Simon may assign all or part of its rights and obligations to a third
party upon thirty days written notice to the City.
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6.8 Amendment. This Agreement may be amended by the mutual written agreement
of the parties.
6.9 Termination. In the event Simon elects not to proceed with the Project as
contemplated by this Agreement, Simon shall notify the City in writing, and this
Agreement and the obligations on the part of both parties shall be deemed
terminated and of no further force or effect. In addition, this Agreement shall
terminate when Simon has been paid the Reimbursement in full, or seven (7)
years after the first day of the month following the Sales Tax Effective Date,
whichever first occurs.
6.10 Notice. Any notice and or statement required and permitted to be delivered shall ,
be deemed delivered by actual delivery, facsimile with receipt of confirmation, or
by depositing the same in the United States mail, certified with return receipt
requested, postage prepaid, addressed to the appropriate party at the following +
addresses:
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Simon: Simon Property Group
Attn: Kevin Sims
115 West Washington Street
Indianapolis, IN 46204
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Ph: (317) 263-7076
Fx: (317) 685-7299
with a copy to: Simon Property Group
Attn: Bill Hammer
115 West Washington Street
Indianapolis, IN 46204
Ph: (317) 263-7006
Fx: (317) 263-7648
City: Steve Norwood, City Manager
City of Round Rock
221 East Main St. {
Round Rock, TX 78664
Ph: (512) 218-5401
Fx: (512) 218-7097
with a copy to: Stephan L. Sheets, City Attorney
309 East Main St.
Round Rock, TX 78664
Ph: (512) 255-8877
Fx: (512) 255-8986
Either party may designate a different address at any time upon written notice to the other party.
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6.11 Interpretation. Each of the parties have been represented by counsel of their
choosing in the negotiation and preparation of this Agreement. Regardless of
which party prepared the initial draft of this Agreement, this Agreement shall, in z
the event of any dispute, however its meaning or application, be interpreted fairly '
and reasonably and neither more strongly for or against any party.
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6.12 Applicable Law. This Agreement is made, and shall be construed and interpreted,
under the laws of the State of Texas and venue shall lie in Williamson County,
Texas.
6.13 Severability. In the event any provisions of this Agreement are illegal, invalid or
unenforceable under present or future laws, and in that event, it is the intention of
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the parties that the remainder of this Agreement shall not be affected. It is also
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4.
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the intention of the parties of this Agreement that in lieu of each clause and
provision that is found to be illegal, invalid or unenforceable, a provision be
added to this Agreement which is legal, valid or enforceable and is as similar in
terms as possible to the provision found to be illegal, invalid or unenforceable. E
6.14 Paragraph Headings. The paragraph headings contained in this Agreement are for
convenience only and will in no way enlarge or limit the scope or meaning of the
various and several paragraphs.
6.15 No Third Party Beneficiaries. This Agreement is not intended to confer any
rights, privileges or causes of action upon any third party.
6.16 Force Majeure. Except as otherwise provided herein, an equitable adjustment
shall be made for delay or failure in performing if such delay or failure is caused,
prevented, or restricted by conditions beyond that Party's reasonable control (a
`force majeure event"). A force majeure event for the purposes of this
Agreement shall include, but not be limited to, acts of God, fire; explosion,
vandalism; storm or similar occurrences; orders or acts of military or civil
authority; litigation; changes in law, rules, or regulations outside the control of the
affected Party; national emergencies or insurrections; riots; acts of terrorism; or
supplier failures, shortages or breach or delay. Except as otherwise expressly
provided herein, there shall be an equitable adjustment allowed for performance
under this Agreement as the result of any event of force majeure.
6.17 Exhibits. The following Exhibit "A" is attached and incorporated by reference for f
all purposes:
Exhibit"A": City Resolution No.
6.18 No Joint Venture. It is acknowledged and agreed by the parties that the terms
hereof are not intended to and shall not be deemed to create any partnership or
joint venture among the parties. The City, its past, present and future officers,
elected officials, employees and agents of the City does not assume any
responsibilities or liabilities to any third party in connection with the development '
of the Project or the design, construction or operation of any portion of the
Project.
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EXECUTED to be effective as of the day of , 2012 (the "Effective
Date").
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SPG ROUND ROCK NS, L.P. a Delaware
limited partnership
By: CPG TEXAS FINANCE I, LLC, a Delaware
limited liability company, its general partner
By:
Printe ame:zJA.ME 1%. Z At2 r.Y
Title: `<ttc.Q�'� _y €
CITY OF ROUND ROCK, TEXAS,
a home rule city and municipal corporation
By:
Alan McGraw, Mayor r
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APPROVED as to form:
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Stephan L. Sheets, City Attorney
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EXHIBIT"A"
CITY RESOLUTION NO.
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RESOLUTION NO. R-12-10-25-H1
WHEREAS, SPG Round Rock NS, L.P. ("Simon") is a leading retail shopping center
development company, and
WHEREAS, Simon has expressed to the City of Round Rock ("City") its desire to develop
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approximately 5.08 acres of land near the intersection of IH-35 and Terra Vista Boulevard
("Property"), and
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WHEREAS, §380.001 Local Government Code provides that a municipality may establish an
economic development program ("Program") to promote local economic development and to stimulate
business and commercial activity in the municipality, and k
WHEREAS, the City Council has determined that the Program described in Exhibit "A" will
meet the goals set forth in said §380.001 and will be of mutual benefit to both parties,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,TEXAS,
That the City offers to Simon a §380.001 Program in exchange for Simon's construction of a
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commercial/retail building having at least 15,536 square feet located near the intersection of IH-35 and
Terra Vista Boulevard, and
BE IT FURTHER RESOLVED
That the offer of the Program shall be as generally outlined in Exhibit "A" attached hereto and
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incorporated herein for all purposes. r
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The City Council hereby finds and declares that written notice of the date, hour, place and
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subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter
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hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
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RESOLVED this 25th day of October, 2012.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Clerk
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Simon in
exchange for Simon 's development of approximately 5.08 acres of land near the intersection of IH-35
and Terra Vista Boulevard in the City of Round Rock are as generally outlined below:
1. Simon's obligations: }
1.1. Simon will construct a commercialhetail building having at least 15,536 square feet to
be located near the intersection of IH-35 and Terra Vista Boulevard.
2. City's obligations:
2.1 In consideration of Simon performing as set forth above, the City intends to enter into
one or more economic development incentive agreements containing the following
provisions:
(a) Waiver of City permit fees associated with the building finish out and other
applicable new construction permit fees;
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(b) Expedited City approval of required permits; and
(c) Reimburse the actual costs associated with relocation of electric transformer not '
to exceed$195,750.
3. The terms and provisions of this Program will be set out in more detail in the Economic
Development Program Agreement of even date herewith. s
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Ci Council Agenda Summar Sheet
ROUND ROCK,TEXAS City g Y
PURPOSE.PASSION.PROSPERITY.
Agenda Item No. H2.
Consider a resolution authorizing the Mayor to execute an Economic Development
Agenda Caption: Agreement with SPG Round Rock NS, L.P. }
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Meeting Date: October 25, 2012
Department: Administration
Staff Person making presentation: Steve Norwood
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City Manager F
Item Summary:
The proposed Economic Development Agreement with SPG Round Rock NS, L.P. ("Simon") entails the f
reimbursement of 25% of sales tax proceeds generated from sales within a 5.08 acre tract of land. The
reimbursement is for an estimated $195,750.00 in costs related to the relocation of an electric transformer. I'
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Cost: $195,750.00
Source of Funds:
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Recommended Action: Approval
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ECONOMIC DEVELOPMENT AGREEMENT
This Economic Development Agreement ("Agreement") is entered into this 2.5 day of
2012, by and between the CITY OF ROUND ROCK, TEXAS, a Texas
home rule municipal corporation ("City"), and SPG ROUND ROCK NS, L.P., their successors
and assigns ("Simon").
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WHEREAS, the City has adopted Resolution No. 10-2 ; attached as Exhibit "A" ("City '
Resolution"), establishing an economic development program which will result in positive
economic benefits to the City through Simon's construction of a retail/commercial building
having at least 15,536 square feet ("Building"); and
WHEREAS, the purpose of this Agreement is to promote economic development as
contemplated by Chapter 380 of the Texas Local Government Code whereby Simon will relocate
and reinstall an electric transformer located near the intersection of IH-35 and Terra Vista
Boulevard (the "Project"), and;
WHEREAS, the City has agreed to provide performance- based economic development grants to
Simon to defray a portion of the Project costs.
NOW, THEREFORE, in consideration of the mutual benefits and promises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
City and Simon agree as follows: {'
I. Authority. The City's execution of this Agreement is authorized by Chapter 380 of the
Texas Local Government Code and the City Resolution, and constitutes a valid and binding
obligation of the City in the event Simon proceeds with the construction of the Building. The
City acknowledges that Simon is acting in reliance upon the City's performance of its obligations
under this Agreement in making its decision to commit substantial resources and money to
construct the Building.
2. Definitions. r
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2.1 "Economic Incentive Payment(s)" ("EIPs") means the amount paid by the City
to Simon under the Program.
2.2 Effective Date" is the date this Agreement is executed to be effective by the City
and Simon.
2.3 "Project" is the relocation and reinstallation of an electric transformer near the
intersection of IH-35 and Terra Vista Boulevard.
3. Term. This Agreement shall become enforceable upon its Effective Date. This
Agreement shall terminate upon the earlier to occur of. (i) three (3) years after the Effective
Date; or (ii) Simon's receipt of the total EIPs equal to the actual costs related to the Project. An F
equitable adjustment shall be made to the Term if the completed Project is closed for a }
significant period of time due to a`force majeure event" as defined herein.
C:\Users\swhite\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\4JYOGMJQ\FINAL Clean Copy of Simon-RR Plaza 380 agreement(00260692).DOC
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4. Rights and Obligations of Simon. In consideration of the City's compliance with this
Agreement, Simon agrees as follows:
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4.1 Simon Duties. Simon will pay all costs related to the relocation and installation
of an electric transformer located near the intersection of IH-35 and Terra Vista
Boulevard.
4.2 Compliance with Development Regulations and Other Ordinances. Simon shall I
comply with the City's development approval processes and shall construct the
Building consistent with City ordinances, City-approved development regulations,
and other City development requirements.
4.3 Simon Accounting. Simon shall maintain complete books, invoicing and other
records showing all expenses of any nature that City is to or will reimburse or pay
under this Agreement. No reimbursements as described herein will be paid until
such books, invoicing and other records shall be presented the duly authorized
officers or agents of the City during normal business hours.
5. Rights and Obligations of the City. In consideration of Simon's compliance with this
Agreement, the City agrees as follows:
5.1 Reimbursement. Subject to the conditions stated herein, the City shall reimburse
Simon for all actual costs related to the Project, but in no event more than
$195,750 (the "Reimbursement"). The Reimbursement shall be based on actual
invoices presented to the City which are directly related to Project expenditures.
5.2 Time of Reimbursement. The City shall, subject to the conditions set out herein,
make one payment to Simon in an amount totaling the Reimbursement amount
within 45 days after Simon or its assigns receives a Certificate of Occupancy for f
the Building.
6. Miscellaneous.
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6.1 Mutual Assistance. The City and Simon will do all things reasonably necessary
or appropriate to carry out the terms and provisions of this Agreement, and to aid
and assist each other in carrying out such terms and provisions in order to put
each other in the same economic condition contemplated by this Agreement
regardless of any changes in public policy, the law, or taxes or assessments
attributable to the Property.
6.2 Representations and Warranties. The City represent and warrant to Simon that
the Program and this Agreement are within its authority, and that it is duly
authorized and empowered to establish the Program and enter into this
Agreement, unless otherwise ordered by a court of competent jurisdiction. Simon
represents and warrants to the City that it has the requisite authority to enter into
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this Agreement.
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6.3 Default. If the City or Simon should default in the performance of any
obligations of this Agreement, the other party shall provide such defaulting party E
written notice of the default, and a minimum period of thirty (30) days to cure
such default, prior to instituting an action for breach or pursuing any other remedy
for default. If the City remains in default after notice and opportunity to cure,
Simon shall have the right to pursue any remedy at law or in equity for the City's
breach. If Simon remains in default after notice and opportunity to cure, the
City's remedy shall be limited to a termination of this Agreement.
6.4 Attorney's Fees. In the event any legal action or proceeding is commenced
between the City and Simon to enforce provisions of this Agreement and recover
damages for breach, the prevailing party in such legal action shall be entitled to
recover its reasonable attorney's fees and expenses incurred by reason of such
action, to the extent allowed by law.
6.5 Entire Agreement. This Agreement contains the entire agreement between the
parties. This Agreement may only be amended, altered or revoked by written
instrument signed by the City and Simon.
6.6 Binding Effect. This Agreement shall be binding on and inure to the benefit of
the parties, their respective successors and assigns.
6.7 Assignment. Simon may assign all or part of its rights and obligations to a third '
party upon thirty days written notice to the City.
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6.8 Amendment. This Agreement may be amended by the mutual written agreement g
of the parties.
6.9 Termination. In the event Simon elects not to proceed with the Project as
contemplated by this Agreement, Simon shall notify the City in writing, and this
Agreement and the obligations on the part of both parties shall be deemed
terminated and of no further force or effect. In addition, this Agreement shall
terminate when Simon has been paid the Reimbursement in full, or seven (7)
years after the first day of the month following the Sales Tax Effective Date,
whichever first occurs.
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6.10 Notice. Any notice and or statement required and permitted to be delivered shall
be deemed delivered by actual delivery, facsimile with receipt of confirmation, or
by depositing the same in the United States mail, certified with return receipt
requested, postage prepaid, addressed to the appropriate party at the following
addresses:
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Simon: Simon Property Group
Attn: Kevin Sims
115 West Washington Street
Indianapolis, IN 46204 {
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Ph: (317) 263-7076
Fx: (317) 685-7299
with a copy to: Simon Property Group
Attn: Bill Hammer
115 West Washington Street
Indianapolis, IN 46204
Ph: (317) 263-7006
Fx: (317) 263-7648
City: Steve Norwood, City Manager
City of Round Rock
221 East Main St.
Round Rock, TX 78664
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Ph: (512) 218-5401
Fx: (512) 218-7097
with a copy to: Stephan L. Sheets, City Attorney g
309 East Main St.
Round Rock, TX 78664
Ph: (512) 255-8877
Fx: (512) 255-8986
Either party may designate a different address at any time upon written notice to the other party.
6.11 Interpretation. Each of the parties have been represented by counsel of their
choosing in the negotiation and preparation of this Agreement. Regardless of
which party prepared the initial draft of this Agreement, this Agreement shall, in
the event of any dispute, however its meaning or application, be interpreted fairly
and reasonably and neither more strongly for or against any party.
6.12 Applicable Law. This Agreement is made, and shall be construed and interpreted,
under the laws of the State of Texas and venue shall lie in Williamson County,
Texas.
6.13 Severability. In the event any provisions of this Agreement are illegal, invalid or
unenforceable under present or future laws, and in that event, it is the intention of
the parties that the remainder of this Agreement shall not be affected. It is also
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4.
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the intention of the parties of this Agreement that in lieu of each clause and
provision that is found to be illegal, invalid or unenforceable, a provision be
added to this Agreement which is legal, valid or enforceable and is as similar in
terms as possible to the provision found to be illegal, invalid or unenforceable.
6.14 Paragraph Headings. The paragraph headings contained in this Agreement are for
convenience only and will in no way enlarge or limit the scope or meaning of the
various and several paragraphs.
6.15 No Third Party Beneficiaries. This Agreement is not intended to confer any
rights,privileges or causes of action upon any third party. 4
6.16 Force Majeure. Except as otherwise provided herein, an equitable adjustment
shall be made for delay or failure in performing if such delay or failure is caused,
prevented, or restricted by conditions beyond that Party's reasonable control (a
"force majeure event"). A force majeure event for the purposes of this
Agreement shall include, but not be limited to, acts of God, fire; explosion,
vandalism; storm or similar occurrences; orders or acts of military or civil
authority; litigation; changes in law, rules, or regulations outside the control of the
affected Party; national emergencies or insurrections; riots; acts of terrorism; or
supplier failures, shortages or breach or delay. Except as otherwise expressly `
provided herein, there shall be an equitable adjustment allowed for performance
under this Agreement as the result of any event of force majeure.
4-
6.17 Exhibits. The following Exhibit"A" is attached and incorporated by reference for
all purposes:
Exhibit"A": City Resolution No.
6.18 No Joint Venture. It is acknowledged and agreed by the parties that the terms
hereof are not intended to and shall not be deemed to create any partnership or
joint venture among the parties. The City, its past, present and future officers,
elected officials, employees and agents of the City does not assume any
responsibilities or liabilities to any third party in connection with the development
of the Project or the design, construction or operation of any portion of the
Project.
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EXECUTED to be effective as of the y of 2012 (the "Effective
Date").
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SPG ROUND ROCK NS, L.P. a Delaware
limited partnership
By: CPG TEXAS FINANCE I, LLC, a Delaware
limited liability company, its general partner
By:
Printe ame: p.M .F
ANC M. AQ Y
Title:
CITY OF ROUND ROCK, TEXAS,
a home le city and municipal corporation
By:
Alan McGraw, Mayor z
4APP ED as to fo j
Steph L. Sheets, City Attorney
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RESOLUTION NO. R-12-10-25-H1 °
WHEREAS, SPG Round Rock NS, L.P. ("Simon") is a leading retail shopping center
development company, and
WHEREAS, Simon has expressed to the City of Round Rock ("City") its desire to develop
approximately 5.08 acres of land near the intersection of IH-35 and Terra Vista Boulevard
("Property"), and
WHEREAS, §380.001 Local Government Code provides that a municipality may establish an
economic development program ("Program") to promote local economic development and to stimulate
business and commercial activity in the municipality, and
WHEREAS, the City Council has determined that the Program described in Exhibit "A" will
meet the goals set forth in said §380.001 and will be of mutual benefit to both parties,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,TEXAS, a`
That the City offers to Simon a §380.001 Program in exchange for Simon's construction of a
commercial/retail building having at least 15,536 square feet located near the intersection of IH-35 and
Terra Vista Boulevard, and
BE IT FURTHER RESOLVED
That the offer of the Program shall be as generally outlined in Exhibit "A" attached hereto and
incorporated herein for all purposes.
The City Council hereby finds and declares that written notice of the date, hour, place and
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subject of the meeting at which this Resolution was adopted was posted and that such meeting was
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open to the public as required by law at all times during which this Resolution and the subject matter }'
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hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
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01wdox%CC1nts\0112\1204\MUNICIPAL\00260309.DOC '
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RESOLVED this 25th day of October, 2012.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Clerk
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM I
The terms of the §380.001 Economic Development Program to be offered to Simon in
exchange for Simon 's development of approximately 5.08 acres of land near the intersection of IH-35
and Terra Vista Boulevard in the City of Round Rock are as generally outlined below:
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1. Simon's obligations:
1.1. Simon will construct a commercial/retail building having at least 15,536 square feet to I
be located near the intersection of IH-35 and Terra Vista Boulevard.
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2. City's obligations:
2.1 In consideration of Simon performing as set forth above, the City intends to enter into
one or more economic development incentive agreements containing the following
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provisions:
(a) Waiver of City permit fees associated with the building finish out and other
applicable new construction permit fees;
(b) Expedited City approval of required permits; and
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(c) Reimburse the actual costs associated with relocation of electric transformer not
to exceed$195,750.
3. The terms and provisions of this Program will be set out in more detail in the Economic
Development Program Agreement of even date herewith. 3
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